New Yorks Attorney General’s Office Inquires on Crypto Trading Practices

New Yorks Attorney General’s Office Inquires on Crypto Trading Practices

Eric T. Schneiderman, the Atty. Gen. of New York, launched what he calls “virtual markets integrity initiative”. This inquiry is part of an initiative to request more information on the operations, internal controls, and other issues pertaining to 13 major cryptocurrency exchanges. This reported on April 17.

Schneiderman states…

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“With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money. Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms. Our Virtual Markets Integrity Initiative sets out to change that, promoting the accountability and transparency in the virtual currency marketplace that investors and consumers deserve.”

A three page questionnaire has been delivered to the cryptocurrency exchanges in an effort to protect investors and increase transparency on how the virtual trading platforms operate.

The questionnaire requests information regarding their approach to fighting market manipulation, the operation of automated bots, nonpublic trading information, and protection of user’s funds. These inquiries aim to give average investors a better understanding of the risks and protections associated with the crypto platforms.

“Often, the platforms lack the basic market protections of traditional investing platforms. Moreover, the extent of disclosures to customers about trading rules, internal controls, and other basic practices varies from platform-to-platform, making it difficult or impossible for prospective users to evaluate the actual risks of trading on a particular platform.”

The questionnaire was sent to cryptocurrency exchanges such as Coinbase, Inc. (GDAX), Gemini Trust Company, bitFlyer USA, Inc., iFinex Inc. (Bitfinex), Bitstamp USA Inc., Payward, Inc. (Kraken), Bittrex, Inc., Circle Internet Financial Limited (Poloniex LLC), Binance Limited, Elite Way Developments LLP (Tidex.com), Gate Technology Incorporated (Gate.io), itBit Trust Company, and Huobi Global Limited (Huobi.Pro).

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